UAE markets resume trade; Dana in focus

Dubai, October 29, 2012

UAE's two bourses will resume trading on Monday after a four-day Eid al Adha holiday but activity is likely to be muted with all other Gulf markets still closed.

Dana Gas may see increased interest as its $1 billion Islamic bond reaches maturity end of this month. The Sharjah-based company has said it was looking at options to handle the debt but has not announced specific plans to repay or restructure it.

Egypt is paying the energy firm for all fuel it is receiving from its operations in the north African country and the UAE-based company is optimistic outstanding payments will be settled, a Dana Gas board member told Reuters on Wednesday.

Dana Gas was still owed Dh729 million ($198.5 million) for unpaid fuel bills by Egypt as at June 30, 2012, but Cairo has been keeping up payments for current supplies.

Global backdrop is steady after as Asian shares edged higher on Monday. Investors took comfort in signs of stable growth in the United States, though caution over the uncertain global corporate earnings outlook capped prices.-Reuters